Belpointe Asset Management LLC Sells 1,141 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Belpointe Asset Management LLC lessened its position in Public Service Enterprise Group Incorporated (NYSE:PEGFree Report) by 20.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,415 shares of the utilities provider’s stock after selling 1,141 shares during the period. Belpointe Asset Management LLC’s holdings in Public Service Enterprise Group were worth $270,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in PEG. Vanguard Group Inc. grew its holdings in Public Service Enterprise Group by 13.0% in the 3rd quarter. Vanguard Group Inc. now owns 61,673,935 shares of the utilities provider’s stock worth $3,509,864,000 after acquiring an additional 7,103,657 shares during the last quarter. Norges Bank bought a new stake in shares of Public Service Enterprise Group during the 4th quarter valued at about $215,074,000. Hsbc Holdings PLC boosted its stake in shares of Public Service Enterprise Group by 118.1% during the 3rd quarter. Hsbc Holdings PLC now owns 1,364,088 shares of the utilities provider’s stock valued at $77,544,000 after purchasing an additional 738,684 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Public Service Enterprise Group by 2.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 33,020,997 shares of the utilities provider’s stock valued at $1,879,225,000 after purchasing an additional 726,613 shares in the last quarter. Finally, Bank of Nova Scotia boosted its stake in shares of Public Service Enterprise Group by 1,350.4% during the 3rd quarter. Bank of Nova Scotia now owns 533,354 shares of the utilities provider’s stock valued at $30,353,000 after purchasing an additional 496,581 shares in the last quarter. Institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Stock Down 1.3 %

Shares of Public Service Enterprise Group stock opened at $72.88 on Friday. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.62 and a current ratio of 0.79. The stock has a market capitalization of $36.30 billion, a PE ratio of 20.19, a price-to-earnings-growth ratio of 3.10 and a beta of 0.59. Public Service Enterprise Group Incorporated has a 52-week low of $53.71 and a 52-week high of $75.82. The company has a 50-day simple moving average of $70.49 and a two-hundred day simple moving average of $64.75.

Public Service Enterprise Group (NYSE:PEGGet Free Report) last issued its earnings results on Tuesday, April 30th. The utilities provider reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.01). The firm had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.99 billion. Public Service Enterprise Group had a return on equity of 11.10% and a net margin of 17.65%. The firm’s quarterly revenue was down 26.5% on a year-over-year basis. During the same period last year, the firm posted $1.39 earnings per share. On average, analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $2.40 annualized dividend and a dividend yield of 3.29%. Public Service Enterprise Group’s payout ratio is 66.48%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PEG. Barclays lifted their target price on shares of Public Service Enterprise Group from $68.00 to $71.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Bank of America lifted their target price on shares of Public Service Enterprise Group from $73.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday. Morgan Stanley lifted their target price on shares of Public Service Enterprise Group from $72.00 to $78.00 and gave the company an “overweight” rating in a research note on Tuesday, May 28th. BMO Capital Markets dropped their price objective on shares of Public Service Enterprise Group from $64.00 to $63.00 and set a “market perform” rating on the stock in a research note on Tuesday, February 27th. Finally, Wells Fargo & Company boosted their price objective on shares of Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, Public Service Enterprise Group currently has a consensus rating of “Moderate Buy” and an average price target of $69.92.

Get Our Latest Analysis on Public Service Enterprise Group

Insider Activity

In other news, SVP Richard T. Thigpen sold 4,800 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $64.18, for a total transaction of $308,064.00. Following the completion of the transaction, the senior vice president now directly owns 31,122 shares of the company’s stock, valued at $1,997,409.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Richard T. Thigpen sold 4,800 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $64.18, for a total transaction of $308,064.00. Following the completion of the transaction, the senior vice president now directly owns 31,122 shares of the company’s stock, valued at $1,997,409.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ralph A. Larossa sold 1,374 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $69.55, for a total transaction of $95,561.70. Following the transaction, the chief executive officer now directly owns 150,973 shares of the company’s stock, valued at $10,500,172.15. The disclosure for this sale can be found here. Insiders sold 7,948 shares of company stock valued at $520,814 over the last three months. Insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Company Profile

(Free Report)

Public Service Enterprise Group Incorporated, through its subsidiaries, operates in electric and gas utility business in the United States. It operates through PSE&G and PSEG Power segments. The PSE&G segment transmits electricity; distributes electricity and natural gas to residential, commercial, and industrial customers; and appliance services and repairs to customers through its service territory, as well as invests in solar generation projects, and energy efficiency and related programs.

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Institutional Ownership by Quarter for Public Service Enterprise Group (NYSE:PEG)

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